Ted Sarandos (Shutterstock image)
Ted Sarandos: Netflix Has ‘Made Progress’ Getting Regulatory Approvals for WBD Acquisition
January 20, 2026
With Netflix revising its accepted $82.7 billion offer for Warner Bros. Discovery’s streaming and studio assets from a mix of cash and stock to all cash, co-CEO Ted Sarandos, speaking on the company’s Jan. 20 fiscal-quarter webcast, said the streamer has submitted all the required regulatory paperwork with the Department of Justice for approval.
The executive said he felt optimistic about clearing federal scrutiny, which will include President Trump, who has said he wants to be personally involved in the proceedings.
“We’ve submitted our HSR (Hart–Scott–Rodino Antitrust Improvements Act) filing. We’re working closely with the WBD and the regulatory authorities, including the Department of Justice and the European Commissions,” Sarandos said.
“We’re confident we’re going to be able to secure all the approvals because this deal is pro-consumer, pro-innovation, pro-worker, pro-creator, and it is pro-growth,” he added.
Sarandos reiterated that in WBD, the deal includes three core businesses Netflix does not currently have, including Warner Bros. Pictures, New Line Cinema, and related film production/distribution operations; Warner Bros. Television Studios, Telepictures, Alloy Entertainment, and other TV production arms, and HBO and HBO Max.
“We’re going to need those teams,” he said. “These folks have extensive expertise and experience. We want to stay an run those businesses.”
Sarandos emphasized that the transaction would expand content creation, instead of collapsing it. He said the deal would enable Netflix to “significantly” expand its production capabilities in the United States, and keep investing in original content over the long term.
“This means more opportunities for creative talent and more jobs,” he said. “This is really a vertical deal for us. It allows us to get access to 100 years of Warner’s deep content and IP for development. And distribution in more-effective ways that will benefit consumers and the industry as a whole.”
Sarandos says HBO is a very complementary business to Netflix, adding that the current TV market is “very dynamic” and “very competitive.”
“The competitive lines around TV consumption are already blurring as a number of services put their content on the linear services and streaming services at the same time,” he said. “More platforms are making their way onto the TV in your living room. TV is not what we grew up on. TV is now about everything.”
Sarandos said that recent moves in the industry — including YouTube’s deal for exclusive access to the Oscars ceremony and the NFL, networks such as Fox Sports simulcasting the recent Super Bowl on Tubi, Amazon’s acquisition of MGM Studios, Apple TV competing for Emmys and Oscars, and Instagram’s move into the scripted entertainment — underscores the rationale for acquiring Warner Bros. Discovery.
“YouTube is not user-generated content and cat videos any more,” he said. “YouTube has full-length films and new TV episodes. The BBC is going to create original content for YouTube. They are TV.
“So, we compete with them in every dimension. For talent. For ad dollars. For subscription dollars. And for all forms of content. Our [WBD] deal strengthens the market place. And it ensures healthy competition. That’s why we’re confident in the approval.”
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